Ain't seen nothing yet.

[piece-itpete]

Take a gander at this, from October 2010:

http://zlixode.com/2010/10/deficit-t...rillion-again/

"The United States racked up a $1.29 trillion deficit in fiscal year 2010, the federal government said Friday.

While that is historically high, it’s not as high as the $1.42 trillion registered for 2009, which was the largest on record as a percentage of the economy since 1945. In real dollar terms, the 2009 gap was the largest ever.

.....

Fiscal experts note, however, that the abnormally large deficits incurred in the wake of the financial crisis are not the primary source of the country’s biggest fiscal problems."

Then take a look at this:

http://news.yahoo.com/s/ap/us_obama_...Jvb2JhbWF1bmRl

"The estimate from the nonpartisan Congressional Budget Office says that if Obama's February budget submission is enacted into law it would produce deficits totaling $9.5 trillion over 10 years — an average of almost $1 trillion a year.

....interest costs for the government would explode from $214 billion this year to almost $1 trillion by decade's end.

Conversely, the report is a sobering blow to House Republicans charged with developing a budget blueprint that could satisfy its core supporters in the tea party. Republican lawmakers had already acknowledged that they won't be able to generate a budget that comes to balance by the end of the decade."

Scary times.

Pete

[noonereal]

so bushes wars and tax cuts have caused a terrible future

we already knew this pete

[BlueStreak]

Originally Posted by noonereal

so bushes wars and tax cuts have caused a terrible future

we already knew this pete

Yep.

And;

Let's See---

'09--$1.42 T.
'10--$1.29 T.

Next decade--$9.5 T over ten years averages out to $950 billion per year. I'm guessing over a T first year and then less than that each following year............

Looks like we're trending in the right direction.

We shall see.

Dave

[piece-itpete]

"Fiscal experts note, however, that the abnormally large deficits incurred in the wake of the financial crisis are not the primary source of the country’s biggest fiscal problems."

Pete

[BlueStreak]

Originally Posted by piece-itpete

"Fiscal experts note, however, that the abnormally large deficits incurred in the wake of the financial crisis are not the primary source of the country’s biggest fiscal problems."

Pete

So, it was the continuation of the "Bush tax cuts" then?

Dave

[noonereal]

Originally Posted by piece-itpete

"Fiscal experts note, however, that the abnormally large deficits incurred in the wake of the financial crisis are not the primary source of the country’s biggest fiscal problems."

Pete

is that your way of saying you agree with me?

[BlueStreak]

Following this trend would mean a reduction in deficits of about $13 billion per year, or about $130 billion reduction in ten years. Still mighty high. But, I'm sure that, adjusted for inflation, it would be less than the deficit Reagan left behind in '89. Provided we don't have anymore expensive debacles like Iraq.

Dave

[piece-itpete]

If 300 billion in Reagans' time is now 900 billion, sure.

Pete

[d-ray657]

Don't forget that part of the problem of trying to reduce the budget is that interest must be paid on the past deficits. That is already one of the largest ticket items in the budget. At $240 that's more than the budget for any federal department except the Department of Defense.

Regards,

D-Ray

[piece-itpete]

It's a terrible problem. Draconian measures are coming!

Or perhaps, hello Ireland. Maybe the EU will bail us out

Pete